Wow what a market shift here in the Lake of the Ozarks! The stats here are amazing! You want lakefront stats??? I would be more than happy to get them... Just call or text me!
First of all, we are in an inventory shortage for lakefront homes and condos still. We have so much building going one here. New homes, new businesses, and more developers wanting in on the action. But this blog isn't really about that
It's about my thoughts on HOW to build your wealth through real estate. Here we have a big demand of STR's. But I'm talking about starting out. How do you achieve wealth through real estate?
Everybody has their different stories for sure, but number one know your numbers, know your taxes you'll pay, know how to get an income projection, and know how to roll your property/properties into a trust. Know how to live poor. Use everything you can as a write off.
Then pick a house buy how much equity you can make, or how much rental income you can make. Worry about location, square footage, and layout if it can't be changed. Surround yourself with a knowledgeable team.
So rich people tell you they hire out everything to save them time. Key words rich lol. I advise spending your extra time off work doing all the things you know how to do or can YouTube. Then hire what you can't do and learn from them. And have a partner to help. A lot of things in a home take two people and save you time. For example, one of your kids holding the paint pan while you're on the ladder.
Hunt for things in an estate sale or on Facebook marketplace that look expensive but aren't. Also, do your projects by what is on sale that week. If it's doors on sale, do doors. Look for everything on sale. Think ROI. Return on investment. Think timeless pieces. Make sure you are on point on what is making the most money for a return on investment. Is it quartz or granite? Look it up! Are white kitchens becoming dated? Look up at what is selling in your area. Are white kitchens going fast?
You what you have. Don't be in such a hurry to rip everything out. Look at magazines for ideas. Once I threw out herringbone paneling. The next year herringbone was all the rage. I could've painted it lol. A trick my husband and I have is agreeing on backsplash and lighting. We search and search until we agree on something. That way it's not one person's taste, it's two, and it is more agreeable to more buyers.
Three of the cheapest things you can do to bring a better ROI. Clean, paint and declutter. If you needed a big dining room table that takes up the whole entire room, put it in storage. Put a smaller one in to make the room seem bigger.
And do your research on homes in the area you're thinking about buying. Long days on the market? Lowering the asking price to sell? Businesses coming in the area or leaving?
If you do your research and put in a little sweat equity to start, you are investing in a fantastic future of building wealth with real estate!
Call me or text me with any questions on how to start. Candice Silverthorn, Realtor, RE/MAX Lake of the Ozarks 309-370-2634
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